CME posts profits, record growth

Company reports $34.6 million for new quarter

PRAGUE — With Prague’s TV Nova setting the pace, Richard Lauder’s Bermuda-based Central European Media Enterprises has reported profits of $34.6 million for the second quarter, a year-on-year jump of 306%.

In the bullish earnings reported Wednesday, CME topper Michael Garin — who also trumpeted revenues of $216.3 million, a 38% bump — credited record growth in five of the web’s six regional markets.

Only the performance of Ukraine property Studio 1+1 was a disappointment, he said, but predicted in “in the next few years Ukraine will become the largest market in which we operate.”

The five other markets — the Czech Republic, Slovakia, Slovenia, Croatia and Romania — showed a 38% earnings increase over the same period last year.

TV Nova, which has led the pack since CME bought control following a move by the Czech license holder to abscond, again proved itself worth the fight, with average primetime ratings this quarter of 15.7 and aud share of 44.3, eclipsing the only other competing terrestrial Prima TV.